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Wolt Drivers Protest In Limassol Over Falling Pay And Safety Risks

Labor Protest Highlights Drivers’ Plight

In Limassol, Cyprus, delivery drivers for Wolt have staged a protest, expressing deep concerns over diminishing wages and a lack of corporate support amid escalating safety risks. The protest, which unfolded on Friday, is emblematic of a broader struggle among gig workers against challenging working conditions in the modern delivery economy.

Calls For Change Amid Safety And Wage Concerns

Drivers from across the city joined the protest and warned it could expand to other areas in Cyprus if their demands are not addressed. According to participants, earnings have been under pressure since 2021, while safety concerns have grown, including reports of harassment, physical incidents and interference with deliveries that have led to vehicle damage. One representative described the protest as a call for change, noting that drivers plan to continue raising the issue until concrete measures are introduced.

Government And Corporate Responses

Authorities introduced additional safety measures in 2024 following a rise in reported incidents, including increased police patrols and the use of the 112 emergency notification system. Wolt said the protest involved a limited number of drivers and described it as a localised event, adding that the platform remains operational despite minor delays. The company also said it is in contact with driver representatives to discuss the issues raised.

The Collective Bargaining Milestone

In July 2024, delivery workers signed their first collective bargaining agreement, covering around 3,000 employees. The two-year deal introduced a minimum wage, a 40-hour working week over six days, a bonus structure linked to wages, and requirements for employers to provide safety equipment. It followed protests in December 2022, when drivers raised concerns over wage reductions amid rising fuel and living costs.

Industry Implications And Future Negotiations

The current agreement is set to expire in July 2026, with preparations for new negotiations already underway. Discussions are expected to focus on wages and safety conditions, as pressure within the sector continues.

S&P Affirms Cyprus At A- With Positive Outlook

S&P Global Ratings confirmed Cyprus’s sovereign rating at A- with a positive outlook on March 20, 2026, according to the Ministry of Finance. This decision reflects stable economic performance despite ongoing external pressures, including geopolitical tensions in the Middle East.

Steady Economic Growth Amid Geopolitical Pressures

S&P expects economic growth to continue at around 3%, slightly lower than in previous years but still above the pace seen in many European economies. Fiscal surpluses are also expected to continue, supporting overall stability.

Robust Debt Management And Fiscal Discipline

Public debt has declined in recent years, supported by strong fiscal performance and higher service exports. Improvements in the banking sector, including lower non-performing loans and stable credit growth, have also contributed to a stronger economic position.

Impact Of The Middle East Conflict

Conflict in the Middle East remains the main external risk. However, the positive outlook indicates that Cyprus is considered capable of managing potential shocks. Future rating changes will depend on public finances, economic performance and foreign investment flows.

Government Policy And Economic Management

According to the Ministry of Finance, the rating reflects continued fiscal discipline and economic management. Recent performance has been supported by the handling of earlier shocks, including the pandemic and the impact of the war in Ukraine.

Industry And Sectoral Insights

S&P noted that key sectors remain stable, despite potential pressure from tourism and energy costs. In particular, the banking sector continues to show strong profitability, capital levels and liquidity.

Energy Security And Future Prospects

Energy remains a key challenge, with costs among the highest in the EU. Plans to develop LNG infrastructure and explore natural gas resources are expected to support supply in the medium term.  Regional energy projects continue to face geopolitical constraints.

Outlook

S&P expects GDP growth to average around 2.8% between 2026 and 2029, while public debt is projected to decline further. Finance Minister Makis Keravnos said the rating confirms the government’s economic policy and supports Cyprus’s position as a stable European economy.

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